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Posted To: MBS Commentary10yr yields were as low as 1.406 overnight, but moved up to the mid 1.5's by the close MBS were up nearly 7/8ths of a point at their best, but will have to settle for "only" about 5/8ths of a point Trading was driven by Brexit, exclusively. Data was ignored Too soon to tell how this one will play out, but it's more encouraging than the last mega rally While we did get some economic data this morning that has historically been important to markets, the only order of the day was to trade in response to Brexit and then to trade in response to those trades. Although we lost quite a bit of ground from the best levels of the overnight session, bond markets nonetheless ended the day in much stronger territory , marking their best closing levels in more than 3 years. The last time...(read more)
Posted To: Mortgage Rate WatchMortgage rates plummeted today following the surprise victory of the referendum for the U.K. leaving the European Union (aka "Brexit"). This joins the ranks as one of the few days in history where rates have moved a full eighth of a point in a single day. There have only been 9 instances in the past decade, and the most recent example was in October 2014. In that sense, it's the single best day for mortgage rates in more than a year, not to mention the fact that outright levels are getting very close to all-time lows. From yesterday's most prevalent conventional 30yr fixed quote of 3.625%, we're now easily down to 3.5% for most lenders. A few of the most aggressive lenders are already down to 3.375% on top tier scenarios. Back in 2012, 3.375% was the lowest rate that was maintained for more...(read more)
Posted To: MND NewsWireAfter two years of supervision and examinations of mortgage servicers by the Consumer Financial Protection Bureau (CFPB) the agency has criticized the industry's level of compliance and issued an updated mortgage servicing exam manual. CFPB said, two years of examinations have convinced the agency that some servicers " continue to use failed technology that has already harmed consumers, putting the company in violation of the CFPB's new servicing rules." New servicing rules which took effect in January 2014, arose out of experiences during the Great Recession when millions of borrowers fell behind in their mortgage payments and CFPB says, "many servicers were unable to provide the level of service necessary to meet homeowners' needs." Even before the crisis "the mortgage servicing industry...(read more)